Transferring foreign earned income I have worked past 5yrs in a foreign country.(korea)
It was saved in Korean bank. Now I am moving back to the states, and want to transfer the money to a u.s. bank. Will this sudden asset in the u.s. create a tax problem? Obviously foreign tax have all been paid.
Last year I filed U.S tax to show foreign income (and all of it claimed exclusion) but have not filed in past because it was always under exclusion limit.
Part2: if I leave 50k in Korea and bring it next year will it be another problem?
Thanks for opinions |